German retail sales, euro area manufacturing PMIs on the agenda today

USD/JPY is once again the notable mover as we start the new week, with the pair down 0.5% to 132.50 levels at the moment. Other major currencies are little changed as we look to settle into the new month though there won’t be much time to rest on your laurels. Central bank bonanza will continue this week and we also have the US non-farm payrolls on the agenda on Friday.

The Fed stressed data dependence and the two big ones to watch will be the US jobs report and consumer inflation data before the next FOMC meeting on 22 September. We will be getting two of each before that and the first of those releases will come at the end of this week.

are slightly softer to start the day with US futures holding lower by roughly 0.4%. But that comes on the back of a big week with the Friday advance seeing the S&P 500 test waters back above its 100-day and 100-week moving averages. Meanwhile, the bond market is still a key spot to watch with 10-year Treasury yields toying with a potential technical breakdown:


Looking ahead, we will have some data points to move things along in Europe but it shouldn’t be anything too impactful.

0600 GMT – Germany June retail sales data
0715 GMT – Spain July manufacturing PMI
0745 GMT – Italy July manufacturing PMI
0750 GMT – France July final manufacturing PMI
0755 GMT – Germany July final manufacturing PMI
0800 GMT – Eurozone July final manufacturing PMI
0800 GMT – SNB total sight deposits w.e. 29 July
0830 GMT – UK July final manufacturing PMI
0900 GMT – Eurozone June unemployment rate

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